Search form

MyCashAdvance

Mon, 08/05/2013 23:22

Footballmama

I live in Alabama and took a loan out with Mycashadvance.com. I have sent them the following letter;

Dear MyCashAdvance,

It has come to my attention that payday lenders must be licensed by the state of Alabama in order to offer loans to its residents. Since your company has no license in my state, the loan contract I have with you is not valid. The state of Alabama requires Internet payday lenders to be licensed in MY state. I have already researched this information, your company does NOT have a license to lend in the state of Alabama, if I am mistaken I will need proof in the form of a license number so that I may verify it with my Attorney General. I am bound by the state laws where I reside. As I have no presence in your country, therefore I have no legal obligation to the 'governing laws' you may have detailed.

Although I am not legally required to do so, I am willing to repay the principal balance of this loan. My records show that I have paid $230 on a $600 loan leaving the pricniple owed as $370. I will be able to make this in monthly payments of $50 until paid. I will be making these payment via money order or by prepaid debit card. Please email me a payment address to the email address you have on file for me.Be advised that as of today, Saturday, August 2nd, I am revoking ANY and ALL ACH authorizations with your company from debiting any AND all of my personal accounts, per Federal law, Regulation E Section 205.10 Preauthorized transfers. I have given a copy of these revocations to both my bank and my employer. Any future attempts to collect funds in this manner will be blocked. I also revoke ANY and ALL wage assignments I may have signed, including but not limited to; any of your affiliates, dba's, and collection agencies assigned to this account. None of the above no longer have my permission to access my accounts or impose a wage assignment.

I will only communicate to resolve this matter via email. If you ignore this notice and attempt to contact me or any of my references via telephone, you will be ignored and any payments owed will be delayed. I am willing to pay the principle amount of the loan only, however, no address means NO payments, this is not negotiable.

Thank you for your prompt resolution of this matter.Carol Brasher

This is there response to me;Dear Carol,

Thank you for contacting us.

Please note that the laws you are referring to only apply to loans made by private citizens and companies.

You borrowed this money from the Oglala Sioux Nation, a federally recognized Indian tribe. According to both federal laws and our treaties with the US Government, we are not required to follow any state’s laws.

We only have to obey federal law and the laws of the Oglala Sioux Nation which we have done.

If there is anything else we may do for you do not hesitate to contact us again.

By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.

Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.

Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.

Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.

The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.